Full text of G.19 Consumer Credit : May 14, 1985
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*?OfgQW* FEDERAL RESERVE statistical release For immediate release May 14, 1985 G.19 CONSUMER INSTALLMENT CREDIT Consumer installment credit outstanding increased by $8.3 billion in March, seasonally adjusted, following advances of $9.0 billion in February (revised downward from $10.4 billion) and $7.2 billion in January. The annual rate of growth in March was 21.4 percent, compared with 23.6 percent in February* Over the first quarter of 1985, outstanding installment credit rose at a 21.8 percent annual rate, as compared with the the 17.1 percent pace of the fourth quarter of last year and 20.0 percent for 1984 as a whole. Automobile installment credit advanced $3.4 billion in March, on a seasonally adjusted basis, up from $3.2 billion in February. Revolving credit outstanding grew by $2.6 billion in March and by $2.5 billion a month earlier. The remaining two credit categories showed slower growth in March — $2.3 billion as contrasted with $3.3 billion in February. FLOWS OF CREDIT M i l l i o n s of d o l l a r s ( s e a s o n a l l y adju s t e d ) Annual Rate of Growth (percent) Net Change i n Amount; Outstanding 1985 1985 Feb. 8,342 3,391 2,631 -11 2,331 Total Automobile Revolving Mobile home Other 1/ Jan. Mar. Feb. Jan. 9,041r 3,198r 2,527 282 r 3,034r Mar. 7,223 2,887 1,957 -159 2,538 21.4 22.8 31.8 -0.5 16.9 23.6r 21.9r 31.3 13.9r 2 2 . 3r 19.2 20.1 24.7 -7.8 19.0 1984 1985 TERMS OF CREDIT (not s e a s o n a l l y ad j u s t e d ) Interest rates 2/ Commercial banks 3/ 48-mo. new-car loan 24-mo. personal loan 120-mo. mobile home loan Credit card plan Auto finance companies 4/ New-car loan Used-car loan Other terms at auto finance companies 4/ Maturity (months) New-car loan Used-car loan Loan-to-value r a t i o (%) New-car loan Used-car loan Amount financed New-car loan Used-car loan Mar. Feb. Jan. 1 Dec. Mar. n.a. n.a. n.a. n.a. 13.37 16.21 15.42 18.85 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12.65 17.78 13.78 17.91 14.18 17.54 15.24 18.34 14.05 17.52 52.2 41.3 51.4 41.1 46.3 39.5 50.2 39.8 46.7 39.4 91 93 90 93 88 92 89 93 87 92 9,232 5,976 9,196 5,968 9,099 5,392 9,707 5,975 9,139 5,474 ($) CONSUMER INSTALLMENT CREDIT BY HOLDER AND TYPE ( M i l l i o n s of d o l l a r s e x c e p t a s n o t e d ) Installment credit h o l d e r and type Net change d u r i n g Mar . Feb • Mar . 1985 1985 1985 o.A. o.A* N.o.A. Outstanding at end of Mar. Mar. Mar. 1985 1985 1984 S.A. N.S.A. N.S.A. Change from end of Mar. 1984 amount percent 8,342 9,041r 7,939 476,978 471,567 389,857 81,710 21.0 4,847 2,048 797 91 715 -142 -14 5,071 1,203 l,423r 269 997 -102 180 4,192 1,773 1,493 -401 944 -192 130 222,422 100,707 70,930 37,758 32,397 4,072 8,692 219,970 99,133 70,432 37,082 32,349 3,820 8,781 177,625 87,356 55,892 34,367 23,566 3,944 7,107 42,345 11,777 14,540 2,715 8,783 -124 1,674 23.8 13.5 26.0 7.9 37.3 -3.1 23.6 Automobile Commercial banks Finance companies C r e d i t unions 3,391 1,767 1,243 381 3,198r 1,790 712 696r 4,170 1,924 1,532 714 181,937 90,254 57,759 33,924 179,661 89,257 56,717 33,687 147,478 71,237 49,509 26,732 32,183 18,020 7,208 6,955 21.8 25.3 14.6 26.0 Revolving Commercial banks Retailers 5/ G a s o l i n e companies 2,631 2,698 75 -142 2,527 2,429 200 -102 1,118 1,706 -396 -192 102,055 64,415 33,568 4,072 100,434 63,684 32,930 3,820 79,770 45,235 30,591 3,944 20,664 18,449 2,339 -124 25.9 40.8 7.6 -3.1 Total By major holder Commercial banks Finance companies 1/ C r e d i t unions Retailers 5/ S a v i n g s and l o a n s G a s o l i n e companies Mutual s a v i n g s banks By major c r e d i t type Mobile home Commercial banks F i n a n c e companies S a v i n g s and l o a n s Credit unions Other Commercial banks F i n a n c e companies 1/ C r e d i t unions Retailers S a v i n g s and l o a n s Mutual s a v i n g s banks -11 -50 -63 92 10 282 r 41 33 192 16r 77 -31 -63 155 16 24,664 9,512 9,106 5,294 752 24,456 9,425 8,981 5,305 745 23,691 9,589 9,527 3,983 592 765 -164 -546 1,322 153 3.2 -1.7 -5.7 33.2 25.8 2,331 432 868 406 16 623 -14 3,034r 811 458 711r 69 805 180 2,574 593 304 763 -5 789 130 168,322 58,241 33,842 36,254 4,190 27,103 8,692 167,016 57,604 33,435 36,000 4,152 27,044 8,781 138,918 51,564 28,320 28,568 3,776 19,583 7,107 28,098 6,040 5,115 7,432 376 7,461 1,674 20.2 11.7 18. 1 26.0 9.0 38.1 23.6 1. Loans secured by real estate at finance companies —excluded from the series—are estimated for March 1985 as $26.7 billion, seasonally adjusted, and $27.2 billion, not seasonally adjusted. 2. Interest rates are annual percentage rates as specified by Regulation Z. 3. Commercial bank data are simple unweighted averages of each bank s "most common" rate charged during the first calendar week of the month. 4. Finance company data from the subsidiaries of the three major U.S. automobile manufacturers are volume-weighted averages covering all loans of each type purchased during the month. 5. Includes auto dealers and excludes 30-day charge credit held by travel and entertainment companies. n.a.= Data not available. S.A.= Seasonally adjusted. N.S.A.= Not seasonally adjusted. r = revised. NOTE: The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals through regular business channels , usually to finance the purchase of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to be repaid (or with the option of repayment) in two or more installments. The G. 19 Statistical Release is issued about the middle of each month. The exact date and time of each monthlly release will be announced, when the information is available, on (202) 452-3206.